# Transocean Ltd. (RIG)

> Source: Nexqual · https://nexqual.com/RIG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Transocean Ltd. (RIG), nexqual.com/RIG" · informational, not investment advice.

**Price:** USD 6.08 (+0.66% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 6.04 · day 5.75–6.11 · 52w 3.5–7.66 · market cap $6.79B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.12B, net income -$1.66B (-40.2% margin), free cash flow $904M (SEC filings).
- 2 of 80 tracked superinvestors hold RIG (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $609K; 1 not under a Rule 10b5-1 plan ($609K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $173K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.77 on a 1–5 scale) (13 analysts), mean target USD 6.56 (range 4.5–10).
- Total return with dividends: 1Y +56.3% vs S&P 500 +14.9%; 5Y +55.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 0.02, revenue estimate $942M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.56B | $2.58B | $2.83B | $3.52B | $3.96B | $4.12B |
| Gross profit | $859M | $896M | $846M | $1.32B | $1.56B | — |
| Operating income | -$112M | -$31.0M | -$325M | -$417M | -$2.34B | -$998M |
| Net income | -$592M | -$621M | -$954M | -$512M | -$2.92B | -$1.66B |
| EPS (diluted) | -$0.93 | -$0.89 | -$1.24 | -$0.76 | -$3.04 | — |
| Free cash flow | $367M | -$269M | -$263M | $193M | $626M | $904M |
| Gross margin | 33.6% | 34.8% | 29.9% | 37.6% | 39.3% | — |
| Operating margin | -4.4% | -1.2% | -11.5% | -11.8% | -58.9% | -24.2% |
| Net margin | -23.2% | -24.1% | -33.7% | -14.5% | -73.5% | -40.2% |
| Revenue growth | -18.9% | +0.7% | +10.0% | +24.4% | +12.5% | — |
| Cash + short-term investments | $976M | $683M | $762M | $560M | $620M | — |
| Total debt | $7.17B | $7.35B | $7.41B | $6.88B | $5.66B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.6x · EV/Sales 2.8x · P/FCF 7.5x · P/B 0.8x · FCF yield 13.31% · Earnings yield -24.40% · Net debt $4.61B · EV $11.4B

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold RIG. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mohnish Pabrai | Pabrai Investments | 30.53% | $99.7M | Added +0.0% |
| Van Den Berg Management I |  | 0.02% | $89K | Reduced -34.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-21 | Long Brady K | EVP & Chief Legal Officer | 81,741 | $609K | 6.8% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $173K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-07-02 | Deaton Chad C | Director | 35,000 | $173K | 4.95 | Too little history (no open-market trades in 2024 or 2025) |

## Analysts
Consensus Hold (mean 2.77 on a 1–5 scale), 13 analysts; mean target USD 6.56 (low 4.5, high 10).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-12 | Barclays | Target lowered | Overweight | $8 → $7 |
| 2026-07-08 | Susquehanna | Target lowered | Positive | $8 → $7 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +56.3% | +55.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +56.5% | +9.3% |
| Volatility (annualized) | 49.1% | 60.0% |
| Max drawdown | -35.8% (May 2026→Jul 2026) | -74.8% (Aug 2023→Mar 2025) |

## Peers (Oil & Gas Drilling)
NE (Noble Corporation plc A) USD 43.95 -0.14% · VAL (Valaris Limited) USD 92.19 +0.51% · PTEN (Patterson-UTI Energy, Inc.) USD 11.34 -2.91% · HP (Helmerich & Payne, Inc.) USD 37.13 -2.93% · SDRL (Seadrill Limited) USD 49.19 +0.04% · BORR (Borr Drilling Limited) USD 4.08 -3.32%

## More
Full page: https://nexqual.com/RIG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in RIG's own 10-K filed 2026-02-23 (https://www.sec.gov/Archives/edgar/data/1451505/000145150526000018/rig-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Shell (SHEL) | "For the year ended December 31, 2025, our most significant customers were Petróleo Brasileiro S.A. (together with its affiliates, "Petrobras"), Shell plc (together with its affiliates, "Shell") and Equinor ASA (together …" |
| Customer | Chevron (CVX) | "As of February 19, 2026, the customers with the most significant aggregate amount of contract backlog associated with our drilling contracts were Petrobras, Equinor, BP p.l.c., Shell, Chevron Corporation and Woodside Ene…" |
| Customer | WOODSIDE ENERGY GROUP LTD (WDS) | "As of February 19, 2026, the customers with the most significant aggregate amount of contract backlog associated with our drilling contracts were Petrobras, Equinor, BP p.l.c., Shell, Chevron Corporation and Woodside Ene…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Ultra Deepwater Floaters | $623.0M | 64.5% | -10.9% |
| Harsh Environment Floaters | $343.0M | 35.5% | +18.7% |
| Total revenue | $966.0M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $344.0M | 35.6% | -15.7% |
| Norway | $177.0M | 18.3% | +26.4% |
| Other Geographical | $171.0M | 17.7% | +34.6% |
| Brazil | $167.0M | 17.3% | -24.4% |
| Australia | $107.0M | 11.1% | +16.3% |
| Total revenue | $966.0M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 22%, 22%, 12% of revenue from unnamed direct customers (10-K, filed 2026-02-23).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.02 | $0.03 | -28.0% | $942.3M | 9 |
| Next quarter (ends 2026-12-31) | $0.07 | $0.06 | +11.9% | $956.0M | 8 |
| Current fiscal year (ends 2026-12-31) | $0.15 | $0.13 | +16.5% | $3.94B | 8 |
| Next fiscal year (ends 2027-12-31) | $0.30 | $0.29 | +3.1% | $3.91B | 9 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-02): ±9.4%; earnings reaction alone ±2.6%; last 8 reports averaged ±4.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 58.1% | ±7.0% |
| 2026-11-06 | 14 | 58.3% | ±9.4% |
| 2026-11-13 | 21 | 58.2% | ±11.3% |
| 2026-11-20 | 28 | 54.1% | ±12.1% |
| 2026-11-27 | 35 | 55.9% | ±13.9% |
| 2026-12-04 | 42 | 56.2% | ±15.3% |
| 2026-12-18 | 56 | 55.5% | ±17.3% |
| 2027-01-15 | 84 | 53.6% | ±21.2% |